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Four accused of credit card fraud

SONGJIANG District police have caught four people accused of illegally taking 30 million yuan (US$4.4 million) in cash from credit cards.

This is the first Shanghai case since the Supreme Court ruled it a crime last December to take more than 1 million yuan cash from credit cards, according to today's Oriental Morning Post.

The foursome advertised online last year that they provided a cash-out service for people with credit cards who needed money, police said.

They took 1 percent of the money as commission, and set up POS terminals to process the credit card numbers, police allege.

One of their first victims was a Songjiang resident surnamed Li, and over a year they cashed out more than 30 million yuan from credit card numbers, allegedly making a profit of 200,000 yuan.


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